Effective January 1, 2024, the Corporate Transparency Act (CTA) will require reporting companies to provide certain beneficial ownership information related to their controlling stakeholders – a measure that aligns with the US federal government’s aim to mitigate corruption, money laundering, terrorism, fraud, and other illegal activity.
In this alert, we summarize the applicability of the CTA and CTA Final Rule to Puerto Rico-organized entities (ie, corporations and limited liability companies), with a focus on provisions of the CTA that will enter into effect on January 1.
